If you have a couple properties I would personally feel comfortable thinking what the worst case scenario is for an emergency expenditure?

Syndicators usually have a significant rehab budget up front when they buy, but then only keep some reserves for capital expenditures after that, say $300/unit/year.

Each LLC has costs associated with it, so unless its necessary, my preference is to minimize expenditure.

I have very low paid expenditures, currently the property tax is $1,100 annually, I pay 65$ in insurance and I am setting aside 7% in capital expenditures, best of all no mortgage.

I'm also calculating 20% of the rent in capital expenditures and maintenance ($440 per month).I did run the rents through rentometer.com and the average is $950. 

View report*This link comes directly from our calculators, based on information input by the member who posted.My capital expenditures seems quite a bit low.

I'm sure there isn't an exact formula and it depends on the area and other factors, but if there are rough rules that people follow it would be helpful for me to hear them.Lastly, the cash flow on this property isn't going to be much (after setting aside 5/5/5 for vacancy, repair, and cap expenditures) until I am able to bring the rents up to market rate, so I will be managing this property myself.

A HOA can be very risky so ask about them before you buy (from future neighbors) another one of thattype of unit and know their requirements or possible special assessments for capital expenditures and know if that property is close to making one. 

add “Exhibit A” with Contingencies.Within 10 Days of execution, Seller shell provide Buyer with any document related to the property, which sell include but not limited to:1.Leases, amendments, modifications2.Current or future lease concessions3.Security deposits4.Current rent rolls5.Current rent arrears6.All maintenance, utility, management, service, and other contracts.7.Financial statements for the past three years and a year-to-date financial statement.8.A description of all capital expenditures performed in the last 3 years.

I know that water is available at the road if I wanted / needed to connect, no sewer available, not sure about gas.I created a cap expenditure spreadsheet to try and accurately evaluate the costs, but Im not sure about it.